Prime Minister (PM) Narendra Modi’s new emphasis on nuclear power is in line with renewed global interest in this clean and stable source of electricity, which also supports India’s quest for energy sovereignty, independence and security. According to the International Energy Agency (IEA), demand for electricity is growing at twice the rate of other forms of energy — and six times faster in the developing world — due to urbanisation, prosperity, transportation, air conditioning and the exponential growth in demand from data centres. Globally, nuclear power contributes to 9% of power generated, second behind hydropower as a source of non-fossil fuel. According to IEA, 63 reactors with a capacity of 70 GW are under construction — 25 are of Chinese design and 23 of Russian design. After decades of standstill, countries like France and the US are resuming capacity addition.

There is new excitement on the prospects of Small Modular Reactors (SMRs). SMRs have many advantages — shorter construction time, lower risk of cost and time overruns, better grid stability, manageable project costs, a payback period of 10-15 years, which is half that of large nuclear reactors, and amenability to project financing and refinancing. The US and China lead SMR development, with technology expected to mature by early 2030s.

India is an early starter with high competence in all aspects of nuclear energy. However, growth, driven by indigenised technology and public monopoly, is sluggish. Nuclear power accounts for only 3% of electricity generated in India. The target set in 2007 for 63,000 MWe by 2032 has been replaced by the target of 100,000 MWe by 2047. That goal is unattainable in the current institutional and regulatory environment. The NSG exemption in........

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